Tuesday, February 24, 2009

Most European Stocks Fall on Recession Concern; GDF Declines

Most European stocks fell, led by consumer-goods companies and utilities, as concern that the U.S. recession is deepening overshadowed China's biggest interest- rate cut in 11 years.
Royal Philips Electronics NV dropped 3.7 percent and Hennes & Mauritz AB slumped 3.9 percent after government reports showed a worse-than-estimated decline in U.S. durable-goods orders and the steepest slide in consumer spending since 2001. GDF Suez SA sank 5.5 percent as the world's second-largest utility said sales will be hurt by French regulated natural-gas prices.
Six stocks retreated for every five that rose in Europe's Dow Jones Stoxx 600 Index. The gauge advanced less than 0.1 percent to 198.85 as China's rate reduction sparked gains of more than 5 percent in raw-material producers including BHP Billiton Ltd. and Anglo American Plc.
``Policy makers are recognizing the sense of urgency involved in responding to this crisis,'' said Mike Lenhoff, who helps oversee about $36.4 billion as chief strategist at Brewin Dolphin Securities Ltd. in London. ``The market is trying to establish some kind of platform.''
Europe's Stoxx 600 has fallen 45 percent in 2008, headed for its worst year on record, as credit losses and writedowns approach $1 trillion in the worst financial crisis since the Great Depression.
National Markets
National benchmark indexes declined in 12 of the 18 markets in western Europe. The FTSE 100 lost 0.4 percent. France's CAC 40 sank 1.2 percent, while Germany's DAX was little changed.
European Central Bank President Jean-Claude Trichet said there may be ``negative figures'' for economic growth in the euro area next year. Europe's economy slipped into its first recession in 15 years in the third quarter.
Philips, Europe's biggest consumer-electronics company, slipped 3.7 percent to 12.895 euros. H&M, Europe's second- largest clothing retailer, slumped 3.9 percent to 287 kronor.
The 6.2 percent drop in U.S. bookings of goods meant to last several years was the biggest in two years and followed a revised 0.2 percent decrease in September, the Commerce Department reported. The 1 percent decline in consumer purchases followed a 0.3 percent drop in September.
LVMH Moet Hennessy Louis Vuitton SA, the world's largest maker of luxury goods, slumped 6 percent to 42.98 euros.
Tiffany & Co., the world's second-largest luxury-jewelry retailer, reduced its forecast full-year earnings after third- quarter profit declined and sales shrank.
GDF Suez tumbled 5.5 percent to 30.97 euros. The world's second-biggest utility said it expects a ``shortfall'' of 440 million euros ($570.3 million) in the fourth quarter unless French state-set prices for natural gas are raised before the end of the year.

BHP Surges
France is studying possible cuts or caps on regulated natural-gas and electricity prices as a way to raise spending power, said government official who declined to be identified because of internal government rules.
BHP Billiton added 9.9 percent to 1,155 pence. Anglo American, the world's fourth-biggest diversified mining company, gained 5.2 percent to 1,525 pence.
The key one-year lending rate will drop 108 basis points to 5.58 percent, the People's Bank of China said on its Web site today. The deposit rate will fall by the same amount to 2.52 percent. The changes are effective tomorrow.


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Have you ever imagined that even the hardest times can lay your interest?
You may now wonder and asking yourself how it can be done while we live the toughest time in our economic world. All imagine that we have reached the top of the crisis and will remain there for a cloudy time, which has been specified predictably by the economic experts.

But what if you have the key for passing by all that?
Actually the key solution is within your hands! But what happened is that you have got blinded with the shock of unexpected financial crisis that extends its arms to hold the entire economic world for a not specified time. All what you need is some confidence and a helping hand guiding you to a real bright path.
Almost all successful people have learned how to make their own interest even from their own loss! Just some confidence and resistance, and above all the choice of the right hit at the right time. It is a common goal for money makers to have a continuous ability of preserving their financial status. So, stop thinking of the goal only and start thinking of the way you are going to do it, and ask yourself how can I still make the amount of money I was doing before even in the worst time in economic history?
One of the most necessary steps in your thinking and performance is not to take a long time in thinking and planning to be able to catch the chances available in the market, especially at this time. This doesn't mean to be rash, but to be selective and have the deepest insight.

In reversing the situation for the sake of your own interest, SigmaForex has strived to think and produce the best solution for money makers in FOREX through it's three types of accounts.
The motto of SigmaForex is "Not only physical power that can make you win, it is the power of mind that helps you the most to make the best living in all its sides".
The second step you need to go through after thinking is to apply the principle of "use the useless for your usefulness", by catching the best chances available. And here in speaking about the chances, Sigma Forex offers three unique business accounts with three bonus budgets existed nowhere else and we called it"The Bonus Revolution"

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Labor Markets Nearly 5 million Americans drawing jobless benefits

The number of U.S. workers drawing unemployment aid jumped to a record high of nearly 5 million, the government said on Thursday, as a worsening economy made it increasingly hard to find jobs.
The data from early February suggested the 13-month-old U.S. recession was deepening, a conclusion supported by a report that showed factory activity in the country's Mid-Atlantic region contracted sharply in February.
"The data indicates an accelerated deterioration ... jobs are being lost and the pool of unemployed is growing faster," said Kevin Logan, senior U.S. economist at Dresdner Kleinwort in New York. "People cannot find jobs."
U.S. stocks fell as the data reinforced fears the worsening slump would erode company profits, driving the Dow Jones industrial average to 7,465.95, its lowest close since October 2002.
Worries about more heavy borrowing to fund the government's efforts to rescue the economy hammered Treasury debt prices.

The number of unemployed still on the benefits rolls after drawing an initial week of aid surged 170,000 to 4.99 million in the week ended February 7, the Labor Department said.
It was the highest reading on records dating to 1967 and it took the insured jobless rate to 3.7 percent, the highest since 1983, when the economy was emerging from a 16-month recession.
New applications for unemployment benefits were steady at 627,000 last week, hovering close to a 26-year high and raising the possibility that job losses in the non-farm sector could cross the 600,000 threshold in February.


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European Central Bank Polish Zloty, Stocks Lead East Europe Rally on Government Help

Poland’s zloty, stocks and bonds led a rally in east European markets after the government pledged to support the currency and reaffirmed its commitment to adopt the euro in 2012.
Warsaw’s benchmark stock index soared the most in almost three months, the zloty jumped as much as 2.9 percent and government bond prices rose as Deputy Finance Minister Ludwik Kotecki told Gazeta Prawna the currency will strengthen in May or June as the country plans to join the euro. Prime Minister Donald Tusk said today the currency must be protected “at any cost.”
The Czech koruna and Hungarian forint also advanced as Goldman Sachs Group Inc. said it ended bets on a further depreciation and a Czech newspaper report signaled the central bank may enter the market.
“The zloty is setting an upbeat tone for the region’s currencies on the intervention and euro-adoption plans,” said Marcin Grotek, an analyst at Raiffeisen Bank in Warsaw. “We’ve also heard verbal intervention in the Czech Republic, and the Hungarian government is talking about unconventional ways to defend the forint. All that is helping eastern European markets gain.”
The zloty strengthened to 4.6799 per euro at 4:33 p.m. in Warsaw. Poland will continue to sell euro funds from the European Union on the interbank market, PAP newswire reported, citing Finance Minister Jacek Rostowski. Adopting the euro is the “best remedy” for the economy amid the global financial crisis, he told parliament.
Best Performer
The Polish currency was the best-performer among emerging- market counterparts in the past two days, advancing 5.4 percent. It rebounded from an almost five-year low on Feb. 17 after Moody’s Investors Service said banks with east European subsidiaries may face rating downgrades.
The gain in government debt pushed the yield of the five- year note 2 basis points lower to 5.89 percent. Bond yields move inversely to prices.
“Government debt prices are gaining on the zloty’s advance, though liquidity is still low,” said Maciek Slomka, head of fixed income in Warsaw at Bank Pekao SA. “The euro sales by the government, comments on euro entry plans and the Goldman report pushed the markets up.”
The Czech koruna advanced as much as 1.5 percent after Mlada Fronta Dnes newspaper cited central bank Deputy Governor Miroslav Singer as saying he would not rule out further use of monetary policy tools, including verbal intervention, to support the currency. The koruna was last 0.6 percent higher at 28.770 per euro.
‘Non-Conventional Intervention’
The Hungarian forint jumped as much as 1.4 percent and traded at 302.00 per euro, compared with a record low of 309.71 two days ago. Hungarian Prime Minister Ferenc Gyurcsany said yesterday he asked central bank President Andras Simor and Finance Minister Janos Veres to seek a “non-conventional intervention opportunity that can help in the defense of the Hungarian forint.”
The euro snapped three days of losses against the dollar on speculation German Chancellor Angela Merkel will signal Europe’s largest economy plans to help ease the financial turmoil in the region.
Goldman recommended closing a trade betting the Polish, Hungarian and Czech currencies will decline further.

Goldman View
“We have long had the view that CEE3 currencies will likely underperform on the basis of unsustainable external imbalances,” London-based analysts Thomas Stolper and Themos Fiotakis at Goldman Sachs wrote in a note sent to clients late yesterday. “But after the rapid depreciation in recent weeks and months we now see several factors that make short positions in eastern European currencies less of a one-way bet.”
Poland’s WIG20 Index rallied 68.16, or 5.1 percent, to 1,405.94, as a rebound in the zloty boosted financial shares, calming concerns about provisions linked to currency options. Hungary’s BUX Index gained 2.9 percent, the most since Jan. 6, and the Czech PX Index rose 4.5 percent, the most in three months.
“The currency rebound pushed the banks up, no doubt about it,” said Marek Juras, head of equity research at Bank Zachodni WBK SA in Warsaw. “That brought some relief about earnings.”
The financial industry’s WIGBANK Index jumped 8.5 percent, the biggest one-day gain in almost three months as Rostowski said the Polish banking system is “healthy.”

Polish Banks
Bank Pekao SA, Poland’s biggest lender and a unit of UniCredit SpA, soared 9.85, or 15 percent, to 77.7, climbing from a seven-year low. PKO Bank Polski SA, the second-largest, gained 1.18 zloty, or 6 percent, to 21. BRE Bank SA, controlled by Commerzbank AG, increased 10.5 zloty, or 11 percent, to 107.5.
Banks led declines this year in Polish equities as they raised provisions for failed bets on currency options and the economy braces for its worst slowdown since 2002. The zloty’s slump compounded problems for companies that bought options from banks last year to bet on an increase in the currency.
Poland’s financial services regulator last week almost tripled its estimate of losses from option deals to as much as 15 billion zloty ($4.1 billion). Polish banks may have to write off as much as 2.25 billion zloty because of companies’ potential losses linked to currency options, the regulator said Feb. 10.


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British jobs Smoot-Hawley’s Ghost Appears as Economy Tanks: Michael R. Sesit

Who’s kidding whom?

Finance chiefs at last week’s Group of Seven meeting in Rome were busy congratulating one another for their collective skill in addressing the world’s economic problems and broadcasting their commitment to battling protectionism.
Truth be told, the global economy’s big nations -- as well as emerging-market ones -- are coming up short on both counts. Many are unilaterally adopting protectionist measures.
The rising protectionist tide hasn’t reached crisis proportions yet. But the camel’s nose is under the tent.
Unless governments get serious about arresting the trend soon, the chatter about 2009 morphing into a replay of the Great Depression will become a self-fulfilling prophesy. The U.S. Smoot-Hawley Tariff Act of 1930 increased duties on more than 20,000 goods, inviting retaliation by other countries. Within two years of the law’s enactment, global trade declined 70 percent.
The consequences of a trade war are ugly: reduced industrial production, rising unemployment, social unrest, stymied growth, shrunken profits and tumbling equity markets. There have already been protests or riots in Russia, Greece, China, the U.K., France, Latvia and Iceland.

End of Globalization
In short, everything the global economy is currently suffering from would be magnified. It might also spell the end of globalization, the first era of which began in the 1880s and ended with the outbreak of World War I in August 1914.
“An open system of global trade and investment is indispensable for global prosperity,” the G-7 said in its communiqué on Feb. 14. “The G-7 remains committed to avoiding protectionist measures, which would only exacerbate the downturn; to refraining from raising new barriers; and to working towards a quick and ambitious conclusion of the Doha Round.”
The sentiment is right. Unfortunately, the message is lost. First, the so-called Doha round of talks, which began in 2001, to ease trade restrictions on goods and services for the benefit of poor countries, are dead until the global economy emerges from its current crisis.
Second, not all governments are listening. “It’s unbelievable to blame France for protectionism,” French Budget Minister Eric Woerth said this week about government plans to aid automakers. “We need to protect our interests, our citizens, our companies.”

‘Buy American’
The U.S.’s $787 billion stimulus legislation contains a “Buy American” clause that stipulates that public works and building projects funded by the program use American-made goods, including iron and steel. U.S. Treasury Secretary Timothy Geithner has said America will comply with U.S. commitments to the World Trade Organization. Nonetheless, the Chinese are angry, the Europeans critical and the Canadians nervous.
French President Nicolas Sarkozy criticized French auto companies for outsourcing production to the Czech Republic. Italian Prime Minister Silvio Berlusconi, in announcing 2 billion euros ($2.5 billion) in rebates for trading in older cars and home appliances, said Indesit SpA should drop plans to close a dishwasher factory in Turin in favor of a site in Poland.
Russia has increased duties on automobile imports. China has re-established tax breaks for exporters. India has imposed limits on steel imports, and boosted soybean tariffs.
Defeating protectionism won’t be easy. Still, the battle must be engaged.

Too Valuable
-- Leaders must understand that international trade is too valuable a commodity to be used as a tool with which to get votes. During the campaign for the Democratic presidential nomination, U.S. President Barack Obama and Secretary of State Hillary Clinton both bashed the North American Free Trade Agreement.
U.K. Prime Minister Gordon Brown’s 2007 remark “British jobs for British workers” has returned to haunt him. When Pascal Lamy was European trade commissioner, he played to protectionist sentiment. As head of the WTO, he’s now singing another tune.
-- Countries with large foreign-exchange reserves should extend funds to the International Monetary Fund for lending to countries that lack access to global capital markets. Japan last week committed to providing the fund with $100 billion. But more can be done. China, Japan, Taiwan, India and the Organization of Petroleum Exporting Countries have a total of $3.95 trillion that can be put to work.

Trade Financing
-- Multilateral organizations, regional development institutions and major central banks should cooperate with private lenders to offer and guarantee trade financing. About 90 percent of world trade depends on some form of financing.
The volume of global trade will shrink 2.8 percent in 2009, after expanding 4.1 percent last year, the IMF estimated last month. Trade hasn’t contracted since 1982, the World Bank says.
-- The U.S. must lead the rest of the world in resisting protectionism’s temptations, and Obama must take the initiative. Congress won’t. It’s too beholden to the companies and labor groups that wrongly see protectionism as a solution to the country’s economic ills.
-- Complete the Doha talks. It would show that countries can cooperate on a common goal and that trade isn’t dead.
The best way to defeat protectionism is to resist our own worst impulses. That, though, seems beyond the ability of many politicians right now.


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GDP contraction Chicago Fed, GDP Contraction & Unemployment To Continue

Chicago is not representative of the entire Federal Reserve . But it is a key district for manufacturing and is frequently used for forecasting many sectors of the economy. Chicago Federal Reserve President Charles L. Evans gave a speech today, and this just adds more to Fed expectations of the recession continuing. The Fed may also be too optimistic.

Evans sees GDP falling “markedly” during the first half of the year. He said the contraction won’t even be compensated by the expected growth in the second half.
Evans expects that the “pace” of the economy will move back closer to its potential as the time moves through 2010. He further noted that this will not be sufficient to close the widening gaps in the labor market. He unemployment rates to continue to rise.
Evans believes the recession will keep the cost of living low, and noted that expenses should be under the core rate of 2%. While inflation targets matter, our main focus here is the GDP effect. What is more important, a percentage move up in inflation or a percentage drop in GDP?

It seems as though the Fed is looking for positive growth in the second half on GDP. We saw a long-term outlook in the last couple of months that seemed a bit rosy. We at 24/7 Wall St. do not have any projections for GDP for the second half of 2008 yet, but we do not see positive GDP coming back.
While we believe that Q4 GDP may turn positive, that might just be because the last Q4 period was weak. We also rank those hopes about equal to prayer, neither of which should be used in financial forecasting nor in investing strategies.
The Fed is telling you that GDP will get worse and unemployment will get worse. Those are its assumptions. What we are worried about is that the Fed may not be modeling in enough pain. Yet.


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Open www.e-gold.com- Create new e-gold account - Issue transfer request from your e-gold account to SigmaForex e-gold account.

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Monday, February 23, 2009

Why are British taxpayers funding the Clinton Library?

The Children's Investment Fund Foundation is a charity regulated by the Charity Commissioners. As a charity it enjoys a number of legal, tax and regulatory benefits and we, as taxpayers, contribute to its work (and the work of all charities) through Gift Aid.

As a requirement of Senator Clinton's confirmation process for her to become Secretary of State, according to records released by the William J Clinton Foundation, the organisation created by President Clinton to finance his presidential library in Arkansas, the Children's Investment Fund Foundation donated over $25,000,000 to the Clinton Foundation. Doesn't that mean that, through Gift Aid, we as British taxpayers paid millions of pounds to the Clinton Foundation? Why?

It also seems that the British taxpayer has seen further funds channeled to the Clinton Foundation by UNITAID, an intergovernmental body part-funded by the British taxpayer that is supposed to helping to cure life-threatening diseases in Africa.


[SigmaForex Bonus Revolution]


Have you ever imagined that even the hardest times can lay your interest?
You may now wonder and asking yourself how it can be done while we live the toughest time in our economic world. All imagine that we have reached the top of the crisis and will remain there for a cloudy time, which has been specified predictably by the economic experts.

But what if you have the key for passing by all that?
Actually the key solution is within your hands! But what happened is that you have got blinded with the shock of unexpected financial crisis that extends its arms to hold the entire economic world for a not specified time. All what you need is some confidence and a helping hand guiding you to a real bright path.
Almost all successful people have learned how to make their own interest even from their own loss! Just some confidence and resistance, and above all the choice of the right hit at the right time. It is a common goal for money makers to have a continuous ability of preserving their financial status. So, stop thinking of the goal only and start thinking of the way you are going to do it, and ask yourself how can I still make the amount of money I was doing before even in the worst time in economic history?
One of the most necessary steps in your thinking and performance is not to take a long time in thinking and planning to be able to catch the chances available in the market, especially at this time. This doesn't mean to be rash, but to be selective and have the deepest insight.

In reversing the situation for the sake of your own interest, SigmaForex has strived to think and produce the best solution for money makers in FOREX through it's three types of accounts.
The motto of SigmaForex is "Not only physical power that can make you win, it is the power of mind that helps you the most to make the best living in all its sides".
The second step you need to go through after thinking is to apply the principle of "use the useless for your usefulness", by catching the best chances available. And here in speaking about the chances, Sigma Forex offers three unique business accounts with three bonus budgets existed nowhere else and we called it"The Bonus Revolution"

Enter Now The Bonus Revolution

Bermuda and Great Britain

A self-governing British Overseas Territory with its own laws

What Bermuda has with the UK is a colonial relationship which costs the Bermuda taxpayers $2 million a year. It is for the upkeep of the palatial Government House and its 30-plus pristine acres - at a time when land is at a premium in Bermuda - and for the Governor and Deputy Governor's salary and their cars, their security, their travel, their housekeepers and their maidservants.
Bermuda and the other Overseas Territories have a new British Minister looking after their affairs. Gillian Merron MP was appointed as Parliamentary Under-Secretary of State, Foreign and Commonwealth Office (FCO). Ms Merron who was elected MP for Lincoln in 1997 has done a string of junior Government jobs, most recently she did a ten-month stint in the Department for International Development. She has also been a Government Whip and an Assistant Government Whip, as well as Parliamentary Private Secretary to the Secretary of State for Northern Ireland, Minister for Defence Procurement and the Minister for the Armed Forces.
The Governor and Commander-in-Chief of Bermuda is appointed by The Queen (on the advice of the British Government in London) after consultation with the Premier of Bermuda.
The Governor of Bermuda from December 2007 is career diplomat Sir Richard Gozney, former British High Commissioner in Nigeria and Her Majesty's Non-Resident Ambassador to the Republic of Benin and the Republic of Equatorial Guinea. Sir Richard has worked in Argentina, Indonesia and Swaziland and at the Foreign Commonwealth Office as Head of Section for NATO nuclear arms control, Principal Private Secretary to the Foreign Secretary and Head of Security Policy Department. He was awarded the Knight Commander of the Order of St Michael and St George in 2006. He graduated from St Edmund Hall at the University of Oxford in 1973 with a Bachelors in Geology. His wife is Lady Diana Gozney. They live at Government House, 11 Langton Hill, Pembroke HM 13 phone 441 292-1271, Governor's Office Fax 441 292 2256. Until he arrived, Deputy Governor Mark Capes (Deputy Governor's Office Fax 441 292 1913, acted as Governor. The Governor from April 2002 to October 12, 2007 was Sir John Vereker. His wife Judy - Lady Vereker - was a native Washingtonian.

His Excellency the Governor has his own Flag of Office. It is a Union Jack but in its center it has the Bermuda arms on a white disc encircled by a green garland. Uniforms for the Governor are made in London by Davies & Sons. They include a full dress blue and tropical cotton drill. It is based on old British military Field Marshals, with a white pith helmet with dyed scarlet swan's feathers plumage and Mameluke sword by Wilkinson Sword. The price of about $10,000 is met by the British Government. The official car used by the Governor features a crown instead of a license plate, with extra large width, length and horsepower by Bermuda standards and the Governor's Flag.
The main challenge for a Bermuda Governor is to balance two sometimes contradictory functions. First, he is the primary source of information from Bermuda to the Foreign and Commonwealth Office on the state of affairs in Bermuda. Second, he is the voice of the United Kingdom and the Foreign and Commonwealth Office for advising Bermudians what they can and cannot do under British/United Kingdom laws. The salaries of the Governor, Deputy Governor and their staff are paid by Bermuda's taxpayers, NOT the British Government. Bermuda, despite its tiny size, is wealthy enough not to need the support from the United Kingdom some other overseas territories get.
The duties of the Deputy Governor include being an ex-officio notary public who can perform or notarize anything on behalf of the Bermuda Government but may not receive a fee for this service. He is married, with 2 grown-up daughters overseas and a dog. He served as a British diplomat in Belgium, Portugal, Yugoslavia, Jordan, Nigeria, Austria, Turks and Caicos and most recently Anguilla. From 1994-1999 he was First Secretary Economic and Environment in New Zealand before becoming Deputy Governor in Anguilla. During his most recent spell in the Foreign and Commonwealth Office in London, from 1999 to 2002, Mr. Capes was Deputy Head of Parliamentary Relations and Devolution Department, in which capacity he also served as Foreign Affairs Advisor to the UK Branch of the Inter-Parliamentary Union.
His Excellency the Governor has his own Flag of Office. It is a Union Jack but in its center it has the Bermuda arms on a white disc encircled by a green garland. Uniforms for the Governor are made in London by Davies & Sons. They include a full dress blue and tropical cotton drill. It is based on old British military Field Marshals, with a white pith helmet with dyed scarlet swan's feathers plumage and Mameluke sword by Wilkinson Sword. The price of about $10,000 is met by the British Government. The official car used by the Governor features a crown instead of a license plate, with extra large width, length and horsepower by Bermuda standards and the Governor's Flag.

The main challenge for a Bermuda Governor is to balance two sometimes contradictory functions. First, he is the primary source of information from Bermuda to the Foreign and Commonwealth Office on the state of affairs in Bermuda. Second, he is the voice of the United Kingdom and the Foreign and Commonwealth Office for advising Bermudians what they can and cannot do under British/United Kingdom laws. The salaries of the Governor, Deputy Governor and their staff are paid by Bermuda's taxpayers, NOT the British Government. Bermuda, despite its tiny size, is wealthy enough not to need the support from the United Kingdom some other overseas territories get.
The Deputy Governor's office includes being an ex-officio notary public who can perform or notarize anything on behalf of the Bermuda Government but may not receive a fee for this service. Mark Capes is married, with 2 grown-up daughters overseas and a dog. He served as a British diplomat in Belgium, Portugal, Yugoslavia, Jordan, Nigeria, Austria, Turks and Caicos and most recently Anguilla. From 1994-1999 he was First Secretary Economic and Environment in New Zealand before becoming Deputy Governor in Anguilla. During his most recent spell in the Foreign and Commonwealth Office in London, from 1999 to 2002, Mr. Capes was Deputy Head of Parliamentary Relations and Devolution Department, in which capacity he also served as Foreign Affairs Advisor to the UK Branch of the Inter-Parliamentary Union.
The Governor and Deputy Governor have direct access to security advice in Washington DC and London from senior British representatives.

One of the functions of the British Governor is to read the Throne Speech. In Britain, the Queen reads the speech and in British Commonwealth countries, Governors or Governors General do.
The Government of Bermuda is self governing (except for defense, external affairs and internal security) - independent of the United Kingdom in all internal matters and with its own set of laws. The same applies in the Channel Islands of Guernsey, Jersey, Alderney, Brechou, Great Sark, Little Sark, Herm, Jethou and Lihou) of Great Britain, near France and Isle of Man between Britain and Ireland.
Many Americans visiting Bermuda assume, wrongly, that British-UK laws apply. They do not. Bermuda laws do and are much more restrictive to non-nationals than any British, USA, Canadian, Caribbean, Australian, New Zealand and other democratic country laws.
Bermudians since 21 May 2002 can get full British/EC passports and British citizenship virtually automatically, usually within a month and without any of the requirements and lengthy delays for non-British people living in the UK to get citizenship. Nor do they have to sear allegiance as do new UK citizens living in the UK. Also, they can live and work in UK and any EC country; buy any property they can afford; can register there to vote immediately and can do so in any UK or EC election; and if they physically live in the UK instead of returning to Bermuda on holiday, can get internal UK educational fees and more. But Bermuda does not come under EC laws. UK nationals should note that British laws do not apply in Bermuda, Bermudian laws do; Britons and European Economic Community (EEC) citizens do not have any of the same rights to live, be domiciled, be employed and retire here as they do in the United Kingdom or EEC. For those who want to work in Bermuda, Work Permits apply just as much in every way to Britons and Europeans as to Philippine nationals or Mongolians. Britons who are not also Bermudians have none of the rights that Bermudians in the UK now have if they apply for UK passports. It was the UK Government - and presumably the EEC too - that approved quite recently that Bermudians could have, on application, a UK passport and be treated as full UK nationals in every other way, but that Britons in Bermuda who are not also Bermudian would not have reciprocal rights.
About 66% of the resident population of Bermuda is black. About 33% are white or other races.

In 1977, possible political independence for Bermuda from the UK was first reviewed comprehensively in a Green Paper, followed by a White Paper stating Government's view Bermuda was not ready. Bermudians rejected political independence on August 16, 1995 in a national referendum. In 1995, the great majority of those who participated in the 1995 referendum felt there were no economic benefits, only potential additional liabilities costly to bear, especially with the huge burden Bermuda taxpayers (and visitors) already have to bear for 47 politicians in less than 21 square miles and civil servants amounting to more than 15 percent of the entire workforce. Bermuda was the first British Commonwealth country to have a referendum on independence under the previous Bermuda Government. But it was boycotted by the Progressive Labour Party (the Bermuda Government since November 1998) and the results may not be accurate. It is not likely the present Bermuda Government will go this same democratic route. Based on what current PLP politicians and pundits are saying, independence is a foregone conclusion. But none say what the cost will be to Bermuda taxpayers of an already hugely inflated cost of government by international standards.
In January 2005, the latest unofficial poll, taken among a small group of people, suggests that more than 60% of the population are not in favor of independence. Not stated in the poll or in any comments or press columns to date on possible independence is whether both those voting for independence and those against have thought of the implications of complying with current UN, USA, Canada, UK and European Community fundamental Human Rights requirements relating to citizenship, namely citizenship after 3 years if married to a Bermudian, 5 years otherwise, similar to what the USA, United Kingdom, Australia, other major countries, Grenada and other Caribbean islands offer. (Currently, citizenship for a non-Bermudian spouse is after 10 years of marriage to a Bermudian and no further citizenships are given to non-Bermudians with no Bermudian spouse, or children born there when neither parent is Bermudian. In most countries which are members of the UN, citizenship applies automatically to every child born there).

A Bermuda Independence Commission, Bermuda Government established in 2004, published in September 2005 a 600-page report as public opinion on political independence. The Premier has gone on record as saying he does not want a referendum on the topic, he expects the legislature to adopt it.



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British taxpayers supporting suffering, warns RSPCA.

The RSPCA is urging the government to stop British taxpayers' money being used to help fund the cruel trade in live cattle transport from Europe to the Middle East and North Africa.

The European Parliament voted today to stop paying subsidies to traders who ship 300,000 cattle to non-EU states each year. But the final decision now lies with the EU Agricultural Ministers, including DEFRA's Margaret Beckett.


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RBS Taxes, Hailed as Contribution to Society, Erased by Rescue

Jan. 23 (Bloomberg) -- Fred Goodwin, Royal Bank of Scotland Group Plc's former chief executive officer, once said that taxes were part of his bank's contribution to society.

"The benefits of our success stretch far outside the company," Goodwin, 50, wrote in RBS’s 2006 corporate responsibility report. "We continued to be the largest corporate taxpayer in the U.K.," he wrote. That helped in "supporting the government in the provision of public services such as schools, hospitals and state pensions."
As Goodwin's RBS contract expires next week, after more than a decade at the bank, the 20 billion-pound ($28 billion) cost of bailing out the bank surpasses the corporate taxes paid by the Edinburgh-based lender during his tenure. The shortfall shows how Goodwin's ambitions for RBS spiraled as he expanded the lender's balance sheet more than 20 times in a decade to 1.73 trillion pounds, making it bigger than the U.K. economy.


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RBS Taxes, Hailed as Contribution to Society, Erased by Rescue

Fred Goodwin, Royal Bank of Scotland Group Plc’s former chief executive officer, once said that taxes were part of his bank’s contribution to society. “The benefits of our success stretch far outside the company,” Goodwin, 50, wrote in RBS’s 2006 corporate responsibility report. “We continued to be the largest corporate taxpayer in the U.K.,” he wrote. That helped in “supporting the government in the provision of public services such as schools, hospitals and state pensions. As Goodwin’s RBS contract expires next week, after more than a decade at the bank, the 20 billion-pound ($28 billion) cost of bailing out the bank surpasses the corporate taxes paid by the Edinburgh-based lender during his tenure. The shortfall shows how Goodwin’s ambitions for RBS spiraled as he expanded the lender’s balance sheet more than 20 times in a decade to 1.73 trillion pounds, making it bigger than the U.K. economy.
“Goodwin and his board wrecked a good bank and imposed, at the very least, substantial temporary costs on the country,” said Geoffrey Wood, professor of economics at the Cass Business School in London and a former Bank of England adviser on financial stability. “He got carried away by his own rhetoric and his initial successes encouraged him to take too many risks.”
RBS paid 16 billion pounds of corporate tax from 1998 to 2007, some 80 percent of the cost of the bailout. The bank recorded a combined net profit of 32.5 billion pounds in the period. RBS says it may report a 28 billion-pound loss for 2008, the biggest in U.K. history.
RBS spokeswoman Linda Harper declined to comment and also declined to pass questions to Goodwin. His home phone telephone number isn’t publicly listed.
The RBS stake “may ultimately earn a profit for the taxpayer,” Wood said. “It will take time.”

Goodwin Steps Down
Goodwin stepped down as CEO in November and agreed to remain an employee of the bank until Jan. 31 to smooth the transition for his successor Stephen Hester.
In October, Prime Minister Gordon Brown offered to invest in banks like RBS to shore up their finances. The following month, the government acquired 58 percent of the bank after investors balked at buying new shares. Last week, Brown’s government said it may raise its stake to 70 percent as prospects for the lender worsened.
“I’m angry at the Royal Bank of Scotland and what happened,” Brown said at a press conference on Jan. 19. He criticized RBS’s investments in sub-prime U.S. mortgages and its 2007 acquisition of Dutch lender ABN Amro Holding NV’s investment banking assets. “These are irresponsible risks that were taken by a bank with people’s money in the U.K.,” he said.

‘RBS Needs More’
Saving RBS may yet cost British taxpayers even more money, said investor Jon Moulton. “There’s an expectation that RBS will still need a lot more money,” the founder of London-based buyout firm Alchemy Partners LLP said in an interview. “Either we print the bloody stuff, or we raise the taxes.”
Moulton co-wrote a letter to the Financial Times on Jan. 21 with Labour lawmaker John McFall, leader of the House of Commons Treasury committee, to say the government should take complete control of RBS and Lloyds Banking Group Plc, which is 43 percent U.K.-owned following a 17 billion-pound investment.
The government’s investment in RBS helped add 22 billion pounds to the national debt, which reached 47.5 percent of gross domestic product in December, the highest since at least 1993.
Meanwhile, CEO Stephen Hester is offloading assets to replenish capital. On Jan. 13, RBS sold its $2.3 billion stake in Bank of China Ltd., China’s third-largest lender.

Past Plaudits
RBS’s problems contrast with the plaudits Goodwin won from the British state in the boom years. In 2004, Queen Elizabeth II knighted him for services to banking. The Scottish banker also advised Brown’s government on credit unions, customer-owned lenders in poorer parts of Britain.
The government takeover of RBS brings Goodwin’s career full circle. In the 1980s, as Prime Minister Margaret Thatcher introduced free-market policies, Goodwin worked as an accountant at Touche Ross & Co., now part of Deloitte Touche Tohmatsu, poring over the books of state-owned companies that were being prepared for sale to investors.
Roy McNulty was CEO of Belfast, Northern Ireland-based Short Brothers Plc, a maker of aircraft components, at the time. He recalls Goodwin reviewing then state-owned Short Brothers’s finances as an accountant.
“Government is not a good owner of businesses,” McNulty said in an interview last year when asked about RBS. “Let’s hope government ownership doesn’t last too long.”


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The account holder name of the funds must always match the name listed as the customer on the trading account.

2- E-gold payments
Open www.e-gold.com- Create new e-gold account - Issue transfer request from your e-gold account to SigmaForex e-gold account.

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Immediate deposit SigmaForex does not guarantee deposit times in the event of a margin call
Fees
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SigmaForex will not be held responsible for charges or fees assessed by going through an intermediary bank.
Withdrawal Eligibility
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Thursday, February 19, 2009

Ericsson AB Recent performance

While Sony Ericsson/djevel has been enjoying strong growth recently, its South Korean rival LG Electronics overtook it in Q1 2008 due to the company's profits falling significantly by 43% to €133 million (approx. US$ 179.6697 million), sales falling by 8% and market share dropping from 9.4% to 7.9%, despite favourable conditions that the handset market is expected to grow by 10% in 2008. Sony Ericsson/djevel announced another profit warning in June 2008 and saw net profit crash by 97% in Q2 2008, announcing that it would cut 2,000 jobs, leading to wide fear that Sony Ericsson is on the verge of decline along with its struggling rival, Motorola.In Q3 the profits were much on the same level, however November and December saw increased profits along with new models being released such as the C905 being one of the top sellers across the United Kingdom.

Sony Ericsson has, as of July 18, 2008, approximately 9,400 employees and 2,500 contractors worldwide. Hideki Komiyama is the president of the company and has been since November 1, 2007 when he replaced Miles Flint. The Corporate Executive Vice President is Anders Runevad.

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